Since its launch in 2015, European Data Portal is offering a central access point to an increasing amount of re-usable Open Data. Many studies have been published on the financial benefits of this kind of data. However, very little is known about how the companies transform this data into economic and societal value.
“We were the respondent with the biggest dedicated group of professionals working with Open Data, meanwhile most of the organisations that took part in the survey employ relatively small teams (85% of the organisations indicating 0-5 employees)”
Last year, we have had the pleasure to contribute along with 200 other data-driven organisations from more than 21 countries on a survey led by European Data Portal on that topic. Here are some conclusions of the results published in “Re-Using Open Data”.
The fertile soils for data-driven organisations
The estimated direct market size of Open Data between 2016 and 2020 is 325 billions €, added as percentage of GDP of close to 36.9%. During this period, about 100,000 Open Data related jobs will be created, with an average increase of 7.3%. Leveraging the type of information will be an effective way of saving costs for the public administrations (about 1.7 billions € will be saved throughout Europe). The survey highlights that Spain and the United Kingdom are the most active countries contributing to the European Data Portal, therefore offering a fertile soil for data-driven organizations.
Business models that leverage Open Data
There are many business models built on the exploitation of Open Data. The survey uses BBVA Data & Analytics as an example among many other companies that leverage Open Data to enhance internal processes. What makes us slightly more unique is that we additionally:
- help a global bank like BBVA offer new services through the analysis of customer behaviors in combination with available Open Data.
- share aggregated and anonymised data through an Open Data Platform.
- perform research with Open Data to create societal value (see Our Contributions to Sustainable Development with Data and Analytics).
The Open Data capacity of organisations
The extraction of value from Open Data needs resources and talent in data science and data engineering. Employees are often the most important resource for organisations. We take that fact very seriously as the survey highlights: we were the respondent with the biggest dedicated group of professionals working with Open Data, meanwhile most of the organisations that took part in the survey employ relatively small teams (85% of the organisations indicating 0-5 employees).